• Europe must strive for stability union, must strengthen economic , monetary union basis
• Politicians ignored state debt for too long
• Greece still has much to do, debt load needs cut to offer sustainability and Greece faces a long hard path ahead
• Privat sector must bear a considerably higher load, and Greek government has to continue with the painful reforms
• Permanent oversight of Greece is desirable
• Recapitalisation will go a long way towards stopping systemic risk
• German EFSF guarantees wont rise above 211 billion euros
• Aim of tonight’s discussions is to have a solution with a deficit 120% of GDP by 2020, both EFSF leveraged models to be discussed tonight
• Economic balances are no necessarily bad
• ECB won’t be forced to commit to EFSF leveraging
• More responsibility required from EU states and they should anchor in debt limits
• Ongoing talks with IMF on increased involvement
• Would like suggestions by December on stability ideas to strengthen the EU
• EU treaties have to be changed, with lawsuits against debt offenders
• Need to hinder rifts between EU states, Germans are right to worry about the debt crisis
• Will also look at regulations governing hedge funds
• Will push for a financial transaction tax at the Cannes summit
• No simple solutions to the current debt crisis, with issues likely to be ongoing for years.
• Maximising EFSF firepower is justifiable, but with further risks